"STATUS OF RV" BY DINAR IRAQ & DONG VIETNAM, 7 JULY

 I got news for you, Saddam Hussien traded in the Iraq dinar ONLY not the dollar. So just like I said, if you go long enough on the dollar the countries will get used to it and won’t want to go back to their own national currency. It has been way too long already. We now see this happening. But I think this deal will have to work out or else. 

This is GREAT news. We heard about this plan almost 6 months ago. Haven’t they done it already? Sanctions make trade illegal in the dollar anyway but how was Iraq supposed to trade if not with dollars or the dinar in the past? So thus the corruption of stealing the dollars from Iraq or….did Iraq just let them steal them using these dollars covertly to pay their bills to Iran using the backdoor behind the sanctions.

STATUS OF THE RV

Iraq seems to be at a pause as far as the revaluation of the dinar.

Again it seems the US is holding it back for some reason.

Why? Let’s explore that today, okay?

We are not seeing it on FOREX as the CBI told us would happen.

So, what is going on here?

Could the US Treasury be holding off on the reinstatement until some events are resolved?

Will they ever give us the reinstatement?

S o, the really good news today is to fold.

I am presenting two articles on proposals to establish an alternative economic system to the dollar when dealing in trade with Iran.

Did the Oil and GAS law get passed and why is this still very important.

So, first Baghdad submitted a proposal to the Iranian authorities to establish an alternative economic system to the dollar using the dinar.

Then came the Iranian response and it was very positive.

The Iranian trade advisor added back: “I suggest Iraq that all our financial dealings be with Iraq in dinars, even Turkish shops buy and sell in dinars in this country.

In view of the sanctions, this issue is in Iran’s interest.”

WOW. Just what we need to hear!

I believe this trade with Iran in dinars is going to happen.

We read past articles about using the IQD in all trade with all middle eastern countries so now they are really going to do it, at least it looks that way.

How will the US respond to this idea?

We know that Iraq needs about 200 million US dollars to pay for imports under the sanctions of currency auctions.

Even with the new US Treasury currency auction platform still about 250-275 million per day are authorized.

This is better than the over 500 million being spent previously but still money is being stolen and these dollars show up on the black market and effect the selling prices of the dinar.

With trade in dinars only this will greatly effect everything and possibly even eliminate the currency auctions or cut them so low they will be a trivial matter.

This will take these black market dollars out of circulation and the IQD dinar could rise enormously in-country.

There is a real potential then to get the dinar up to $1 and even over.

I showed you the math on how we calculate the in-country rate.

So using this rate they need to go from 1320 to at least 1000 or less.

Clearly the US should like this idea if it legitimately is trying to help Iraq go forward.

Let’s see what happens… .

So, the second event, as you may guess, is the passing of the Oil and Gas law in the new parliament session which to begin next week July 13th.

I quote from the article today – “the oil and gas law will be put forward during the next legislative term, considering its passage as a solution to all disputes between Baghdad and Erbil”.

But when I looked at parliament’s schedule it didn’t even have this on the agenda so I guess they are still working on the dispute then and these articles are not fully correct.

We know the news media tends to be overly optimistic in Iraq.

There is not much more we can do but relax and let the reinstatement come to us.

Like I said many times already I am scared that we have not heard even an update on the project to delete the zeros.

Normally Ali Al-Alaq is real good at giving periodic updates on this event.

He has been back in the seat of CBI governor now for almost 6 months and still no word.

I am told by my CBI contact that they are still working on it and plan to do it very soon.

Dinar: Dr. Shabibi answering revaluation and redenomination questions by Awake-in-3D

Awake-In-3D:

IQD History: CBI Governor Speaks Publicly About Currency RV/RD in 2011

On July 6, 2023 By Awake-In-3D

In RV/GCR Articles

The year 2011 was truly and exciting time in Dinar-Land. The possibility of an RV of the IQD went hyperbolic when Dr. Shabibi, the Governor of the Central Bank of Iraq addressed direct questions on the possibilities of an RD/RV of the Dinar. 

He appeared optimistic yet never actually answered the questions. Little did we all know back then that we would still be here waiting for an RD/RV in 2023. 

Does anyone here recall how all of the IQD currency dealers of the time would sell “Reserves” allowing one to put IQD on hold. It was like putting gifts on “layaway” at Walmart. Those were the Wild West days of the IQD RV.

                         

During a discussion held at the US Chamber of Commerce in Washington, DC, in April 2011, Dr. Shabibi, the Governor of the Central Bank of Iraq (CBI) at that time, was questioned about the potential revaluation and redenomination of the Iraqi Dinar (IQD). However, Dr. Shabibi’s responses were notably vague and diplomatic, leaving much to be discerned from his answers.

When asked about the possibility of a revaluation, Dr. Shabibi avoided giving a direct response. He emphasized the importance of controlling inflation and maintaining price stability, noting that the current inflation rate in Iraq was around 5%. He mentioned that various factors, including trade, exports, imports, and balance of payments, influenced currency movement. Dr. Shabibi’s response revolved around the need to track inflation development and other relevant factors before determining any exchange rate movement or potential revaluation.

Regarding the redenomination of the currency, Dr. Shabibi also provided a diplomatic and passive answer. He downplayed the significance of removing three zeros from the currency, stating that it was primarily a measure to facilitate payments and ease counting. He highlighted the historical context of adding three zeros in the 1980s due to high inflation and mentioned that the current situation was different, with inflation under control and the exchange rate managed by the Central Bank. However, he acknowledged that implementing the redenomination required careful planning, including propaganda campaigns and education efforts, with the cooperation of the government and security forces.

                           

It is worth noting that this event took place 12 years ago, and as of 2023, Iraq is still grappling with some of the key issues that Dr. Shabibi spoke about way back then. Yet much progress has certainly been made since then in regards to Iraq’s political, banking and economic reforms. But still, Iraq has yet to redenominate and/or revalue its currency. 

See my previous post: Iraqi Finance Deputy: Iraq Not Ready for Currency RD/RV 

Dr. Shabibi’s diplomatic and cautious approach to the questions may reflect the complexities and challenges surrounding these monetary decisions. The passage of time underscores the ongoing nature of the issues and the difficulties faced by Iraq in addressing them.

Key points and statistics mentioned by Dr. Shabibi:

IQD Currency Revaluation

Revaluation depends on controlling inflation and maintaining price stability.

The Central Bank closely monitors inflation, which has risen to around 5%.

Factors affecting currency movement include trade, exports, imports, balance of payments, and development-related aspects.

The government focuses more on its budget, while the Central Bank emphasizes inflation control.

Exchange rate movement will be determined by tracking inflation development and other relevant factors.

IQD Currency Redenomination

Redenomination aims to facilitate payments and ease counting, particularly for large figures.

The decision to add three zeros in the 1980’s was driven by high inflation.

Current conditions have changed, with inflation under control and the exchange rate managed by the Central Bank.

Removing the three zeros requires careful implementation, including a propaganda campaign and extensive education efforts.

Cooperation from the government and security forces is essential for successful redenomination.

My Simple Transcript of the Event (watch the video to get the full details)

Date: April 19, 2011

Location: US Chamber of Commerce, Washington, DC

Participant: With respect to the ongoing need for stability in Iraq and its exchange rate, we understand that there is a potential need for a revaluation of the currency to attract domestic and foreign investment. How far do you believe we are from a potential revaluation of the Iraqi currency?

Dr. Shabibi: The answer depends on various factors, particularly the extent to which we can continue controlling inflation. Maintaining price stability is our primary goal, and while there is currently a small inflation rate of around 5%, we are monitoring it closely. If inflation continues, we may need to reconsider the exchange rate and potential revaluation. Other factors that influence currency movement include trade, exports and imports, balance of payments, and other development-related aspects of the economy. However, the question of maintaining price stability is crucial, as it is not a major concern for other entities in the economy. We will track inflation development and other relevant factors to determine the appropriate exchange rate movement.

                      

Participant: I’ve heard a report that Iraq is planning to cut three zeros off the currency, referred to as “redenomination.” Could you provide more information on this?

Dr. Shabibi: The cutting of three zeros should not be exaggerated. Redenomination aims to facilitate payments and ease of counting, especially when dealing with large figures. This decision was not made by a government decree, but rather due to the economic conditions in the 1980s, characterized by high inflation. However, the situation has changed significantly now, with inflation under control and the exchange rate managed by the Central Bank. The presence of zeros creates difficulties in managing the currency. Our plan is to remove the three zeros, but it requires careful implementation, including a propaganda campaign and extensive education efforts. The cooperation of the government and security forces is crucial in this process. We are committed to bringing about the redenomination, taking into consideration the monitoring of the exchange rate and other necessary measures.

Here’s the actual recorded event for you to hear what was said for yourself.

Evening News with MarkZ 07/06/2023

Frank 26 ……7-6-23…….XRP

KTFA

Thursday Night Conference Call:  

Frank 26 ……7-6-23…….XRP

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

DINARLAND UPDATE, 7 JULY

 Mountain Goat

…the CBI told me they were moving along and we should expect the rate in the US. But last Saturday I did finally get in contact with my CBI representative and I was told that the Oil and Gas law did impact the ability for the Central Bank to move ahead…the RV or Reinstatement has NOT occurred I can assure you with 1000% certainty. We still wait. Will the passing of the Oil and Gas law make any difference. To me it should since I also know it is a constitutional requirement and I was told a decade ago there will be no Reinstatement unless the Iraqi constitution is fully implemented and this law is such a critical law…

MilitiaMan (KTFA)

The hydrocarbon law/oil and gas law….is going to be based off what their exchange rate is and the value of oil…It will be put for a vote during the current parliamentary session…my assumption here is once they apply an international exchange rate they’ll have the valuations they need to be able to complete the process…I think they have the support from around the world to be able to do that…

                  

MarkZ

[via PDK]

It’s still crazy quiet. I have been reassured that this is not a negative thing. Things appear to moving behind the scenes. But, they are clamping down on any leaks. This is a good thing. I believe this silence is a good thing right now…it appears we are very close due to the efforts they are using to keep things quiet. Most are under some type of NDA… I continue to hear our “window” is wide open now and they expect something within 10 days of the first of this month. We are now 6 days in.

My redemption contacts are all geared up and ready. They firmly believe they will be working hard at any moment. They think they may be working the next couple of weekends. We will see.

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 7 JULY

 Frank26 (KTFA)

They were supposed to open the budget on Monday.  They didn’t. Why?  Because we don’t have the exchange rate yet.  There’s a lot of confusion…but everything that is confusing will become crystal clear with a new exchange rate…

[Iraq boots-on-the-ground report]

FIREFLY: Sudani on television said the dollar exchange rate will decrease after Iraq catches and arrests all those responsible persons for the illegal trade of parallel markets in making the dollar rise.

FRANK: Wow…nothing will happen without the new exchange rate.  How do you get the new exchange rate?  By controlling those that want to control the new exchange rate illegally…

FIREFLY: They’re saying currency companies are requesting amendments to the currency auctions.

FRANK: …There are no currency auctions. There is no longer a way for you Iran to steal the money of Iraq.  Sudani is not going to amend anything in the budget so we get the auctions back…

JUDY NOTE, 7 JULY

 Judy Note:

WARNING: There were reports of some asking for you to hand over your foreign currencies and/or Zim Bonds to them saying they will exchange or redeem them for you. DO NOT give in to this scam. Only the purchaser of the currency or bond can legally exchange or redeem that currency or bond at a Redemption Center for the higher rates. Exceptions were that if you have given someone currency or bonds, along with a notarized gift letter saying you have done so, or if you have given someone Power of Attorney. The bottom line: If someone tries to turn in your currency or bonds without your authorization they could be arrested.

Global Currency Revaluation:

• Thurs. 6 July Bruce: There was a real possibility that Tier4b (us, the Internet Group) would receive notification to set appointments Fri. evening 7 July around 6:30 pm.
•                   
• Thurs. 6 July MarkZ: It’s still crazy quiet. I have been reassured that this is not a negative thing. Things appear to moving behind the scenes. But, they are clamping down on any leaks. This is a good thing. I believe this silence is a good thing right now. But we have no indications on timing. It appears we are very close due to the efforts they are using to keep things quiet. Most are under some type of NDA. I continue to hear our “window” is wide open now and they expect something within 10 days of the first of this month. We are now 6 days in. My redemption contacts are all geared up and ready. They firmly believe they will be working hard at any moment. They think they may be working the next couple of weekends. 
• On Fri. 30 June the US Inc. Federal Reserve and US Inc. Treasury were asked to hand over all their assets as they were unable to pay back the Global Repository the quadrillions owed.
• On Sat. 1 July the new Quantum Financial System began interfacing in computers around the World to coordinate currency transactions through the International Payment System ISO 20022. Also on Sat. 1 July the fiat US Dollar transferred into a gold/asset-backed US Note.
• On Sun. 2 July about 5 pm EST the Dinar Rate on the Forex went public. A live Foreign Currency Converter showed it was fluctuating in value:1,000,000 IQD to USD – Iraqi Dinars to US Dollars Exchange Rate (xe.com)
•                           
• Khan Baba: Iraqi Dinar $4.86 International Rate: https://dinardetectives.com/khan-baba-111/ Wed. 12 July was a back date given for release of the new Iraqi Dinar Rate using NEER: “RV for Iraqi Dinar Using NEER” by David Harkness – 7.6.23 | Dinar Chronicles
• On Mon. 3 July SOFR, Libor and many nations dumped their US Treasuries.
• On Tues. 4 July the Quantum Financial System was fully integrated worldwide.
• By October 2023 all protocols for the QFS should be complete.